financial information exchange (FIX)

Open source (non-proprietary) and public domain (free) messaging standard for instant (real time) exchange of electronic data on securities transactions. Developed in a cooperative effort by large US and European asset management and brokerage firms, FIX promises faster-flow of financial information across national frontiers and shorter settlement periods. It uses its own version of XML (called FIXML) which is encapsulated within a standard FIX message for secure transmission.